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The house is currently in the process of being sold. Just by the look of the outside and the whopping two (yes TWO) photos they show of the interior it obviously needs a lot of work.
Still, to get a house in Watertown for that price. It might be worth it.
How often do these pop up and are they ever in better shape than this one? If you up your budget by 100K you certainly have more options, but still.
If the new build doesn't cut enough corners they won't make much profit on the sale.
I agree that it is cutting it close. $500k for a 5000sqft lot in Watertown doesn't seem like the best investment for a developer, unless they can get approval/squeeze a multi family dwelling on the lot.
Based on recent postings of new construction, you can probably get $1.2, though there is a new construction condo at 2900 sqft going for $1.4.
I agree that it is cutting it close. $500k for a 5000sqft lot in Watertown doesn't seem like the best investment for a developer, unless they can get approval/squeeze a multi family dwelling on the lot.
Based on recent postings of new construction, you can probably get $1.2, though there is a new construction condo at 2900 sqft going for $1.4.
If they reuse the foundation and cut enough corners, they could build for 300k and sell for 1.2. 400k profit
If they reuse the foundation and cut enough corners, they could build for 300k and sell for 1.2. 400k profit
I don't think you can build a 3k sqft house on that footprint. Even if you can, you can't cut corners if you want $1.2M in Watertown. None of the listings for new builds >$1M cut corners.
I know Watertown can be a bit of a mixed bag in terms of curb appeal, but as a buyer, I'm not sure I'd spend $1.2M on a house in this neighborhood. $950k? Sure.
I don't think you can build a 3k sqft house on that footprint. Even if you can, you can't cut corners if you want $1.2M in Watertown. None of the listings for new builds >$1M cut corners.
I know Watertown can be a bit of a mixed bag in terms of curb appeal, but as a buyer, I'm not sure I'd spend $1.2M on a house in this neighborhood. $950k? Sure.
Side note, but this street view is what I personally don't like about much of Watertown. Though it's blessed with great location and proximity, the majority -less the areas immediately North bordering Belmont- lacks curb appeal. I think it's the housing stock mixed with the complete and total lack of trees/tree canopy. It looks more like the innards of Revere than it does an up and coming, inner ring boomtown like Arlington.
As another aside, the select few residential streets in Watertown that i'll call aesthetically desirable, look a lot like North/West Medford. Hills included.
The "Revere-like" section you mention is pretty nice actually, it's a lot of post-war single families/ranch homes. There really aren't a lot of neighborhoods like that at all in 128. Really it's probably just a couple square miles of watertown that look like that. I don't think it's a bad thing necessarily that there is diverse housing stock in town. I agree that that section isn't worth anywhere near a million for a house though. Newton is just across the river and you can get a pretty nice single family in the nicer part of Nonantum or the fringes of West Newton for that money.
I think Watertown has breakout potential in 5-10 years as boomers (the ones who chopped all the trees there) hopefully cede their homes to younger families, and as the massive influx of new apartments start to actually fill up with some singles with disposable income (I believe a lot of the ones that are constructed are under-occupied). Traffic will only get worse though. There is a bike right-of-way that really should get turned into a trolley to Alewife.
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